Last checked at 11 Nov 2020 07:00
11 November 2020
BEXIMCO PHARMACEUTICALS LIMITED.
Results for the twelve-month period ended 30 June 2020
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the twelve months ended 30 June 2020.
Highlights
Financial - continued to deliver double-digit revenue growth
· Net sales increased 12.3% to Bangladesh Taka ("BDT") 25,611.9m / £245.5m (2018-19: BDT 22,816.6m / £212.7m)
o Domestic sales increased 12.5% to BDT 22,860.1m / £219.1m (2018-19: BDT 20,314.0m / £189.4m)
o Export sales increased 10.0% to BDT 2,751.8m / £26.4m (2018-19: BDT 2,502.6m / £23.3m )
· Profit after tax increased 16.6% to BDT 3,544.4m / £34.0m (2018-19: BDT 3,040.4m / £28.4m)
· EPS for the year amounted to BDT 8.67
· Recommended 15% cash dividend (BDT 1.50 per share) and 10% Stock Dividend (10 shares for every 100 shares held).
Operational - further growth of portfolio and international presence
· Launched a total of 26 new products in Bangladesh
o Four products launched for the first time in Bangladesh, including Maxhaler mDPI, the generic version of GSK's Seretide Accuhaler
o Acted quickly to deliver two repurposed drugs for COVID-19; Viraflu (Favipravir 200mg) tablet and Bemsivir (Remdesivir 100 mg) IV Injection
§ Beximco Pharma became the first company in the world to launch a generic version of Remdesivir for the treatment of COVID-19
o Launched five new hormone and gastrointestinal products from subsidiary, Nuvista Pharma, in the domestic market
· Signed a commercial agreement for distribution of Mylan's portfolio of key monoclonal antibodies in Bangladesh
· Completed 63 registrations for 50 products in 20 countries
· US
o Launched fifth product, Nadolol, a cardiovascular drug, in the US market
o Received US Food and Drug Administration approval for Flecainide Acetate (50, 100 and 150 mg tablets), an antiarrythmic drug used for treating irregular heartbeats in conditions such as tachycardia and atrial fibrillation (post period)
· EU and RoW
o Received regulatory approval from Government Control Centre of Southwest Germany and Malta Medicines Authority (European Union)
o Began exporting to four new countries (Maldives, Pakistan, Nicaragua and Dominican Republic)
· Won Bangladesh's "National productivity and quality excellence award 2018", a recognition of outstanding contribution in increasing productivity and excellence in product quality
· Received "Global Generics & Biosimilars Awards 2019" in the category of Company of the Year, Asia Pacific
COVID-19 - responded quickly to protect employees and support national efforts to protect healthcare workers
· In response to COVID-19 outbreak in Bangladesh, Beximco Pharma, in collaboration with parent company, Beximco, provided much needed personal protective equipment (PPE), N95 masks, goggles, and PCR kits to protect the healthcare professionals in Bangladesh
· Provided Remdesivir (Bemsivir) injection free of cost to all government-designated COVID-19 hospitals
· Collaborated with Dhaka University and Bangabandhu Sheikh Mujib Medical University to develop country's first negative pressure isolation canopy to prevent the spread of COVID-19 in hospitals
· Sponsored International Centre for Diarrhoeal Disease Research, Bangladesh, clinical trial to evaluate the efficacy of two potential treatments (Ivermectin and Ivermectin in combination with Doxycycline) for COVID-19 in patients
· Developed an integrated diagnostic laboratory for COVID-19 testing of Beximco employees
· Signed a Memorandum of Understanding with the Serum Institute of India Pvt. Ltd, the world's largest vaccine producer, and the Government of Bangladesh, for the distribution of the AstraZeneca/Oxford University COVID-19 vaccine in Bangladesh (post period)
· Won highly prestigious CPhl Pharma Award in the category of Innovation in Response to COVID-19 (post-period)
Beximco Pharma managing director Nazmul Hassan MP commented,
"Despite facing unprecedented operational and logistical challenges as a direct result of the COVID-19 pandemic during the financial year, we have remained focused on executing against our strategy to deliver revenue growth of over 12%, expand our product portfolio and strengthen our position in key markets.
"In addition to keeping our employees safe and our operations running, a key focus has been to support national efforts to curb the spread of COVID-19 and to protect healthcare professionals and patients. We responded quickly and effectively to provide large quantities of PPE, ensure the continued supply of medicines and launch of new treatments for COVID-19, as well as preparing for the launch of a potential vaccine, demonstrating our continued commitment to ensure access to breakthrough therapies. The trajectory of the pandemic remains unpredictable but we believe Beximco Pharma is well-positioned to respond to the challenges and we remain confident in the Company's continued growth."
Exchange rates of £1 = Taka 107.26 for 2018-19 numbers and £1 = Taka 104.331 for 2019-20 numbers have been used in this announcement.
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 586/11001, Ext.20080
Mohammad Ali Nawaz, Chief Financial Officer
Tel: +880 2 58611001, ext.20030
Jamal Ahmed Choudhury, Executive Director (A&F)
Tel: +880 2 58611001, ext.20022
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0) 20 3368 3551 / 3555
SP Angel Corporate Finance LLP (Broker)
Vadim Alexandre / Abigail Wayne
Tel: +44 (0) 20 3470 0470
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0) 20 3727 1000
Notes to Editors
About Beximco Pharmaceuticals Limited
Beximco Pharma is a leading manufacturer and exporter of medicines based in Bangladesh. Since its inception in 1976, the Company remains committed to health and wellbeing of people across all the continents by providing access to contemporary medicines. Company's broad portfolio of generics encompasses diverse delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies.
Beximco Pharma′s state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others and it has a geographic footprint in more than 50 countries. More than 4,500 employees are driving the company towards achieving its aspiration to be among the most admired companies in the world.
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Financial Position
As at June 30, 2020
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| Amount in Taka | ||||
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| June 30, 2020 |
| June 30, 2019 | ||||
ASSETS |
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Non-Current Assets |
| 37,069,663,021 | 35,949,930,818 |
| ||||||||
Property, Plant and Equipment-Carrying Value |
| 35,000,809,631 | 33,853,977,656 |
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Right-of-use Assets |
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| 240,163,919 | 202,689,556 |
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Intangible Assets |
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| 1,275,560,330 | 1,334,921,698 |
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Goodwill |
| 546,691,213 | 546,691,213 |
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Other Investment |
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| 3,751,551 | 5,329,379 |
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Other Non-current Assets |
| 2,686,377 | 6,321,316 |
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Current Assets |
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| 13,049,078,919 | 13,264,161,542 |
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Inventories |
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| 5,944,769,057 | 5,924,031,678 |
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Spares & Supplies |
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| 775,528,787 | 726,127,262 |
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Accounts Receivable |
| 3,305,451,434 | 3,334,958,905 |
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Loans, Advances and Deposits |
| 2,388,313,122 | 2,309,503,747 |
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Advance Income Tax |
| - | 35,681,115 |
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Short Term Investment |
| - | 323,364,536 |
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Cash and Cash Equivalents |
| 635,016,519 |
| 610,494,299 |
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TOTAL ASSETS |
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| 50,118,741,940 |
| 49,214,092,360 |
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EQUITY AND LIABILITIES |
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Equity Attributable to the Owners of the Company |
| 32,495,120,607 | 29,588,317,284 |
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Issued Share Capital |
| 4,055,564,450 | 4,055,564,450 |
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Share Premium |
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| 5,269,474,690 | 5,269,474,690 |
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Excess of Issue Price over Face Value of GDRs |
| 1,689,636,958 | 1,689,636,958 |
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Capital Reserve on Merger |
| 294,950,950 | 294,950,950 |
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Revaluation Surplus |
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| 1,125,767,451 | 1,131,853,004 |
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Unrealized Gain/(Loss) |
| 926,375 | 2,504,203 |
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Retained Earnings |
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| 20,058,799,733 | 17,144,333,029 |
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Non-Controlling Interest |
| 302,329,006 | 276,006,553 |
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TOTAL EQUITY |
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| 32,797,449,613 | 29,864,323,837 |
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Non-Current Liabilities |
| 5,963,327,323 | 6,603,936,369 |
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Long Term Borrowings-Net of Current Maturity |
| 1,651,590,390 | 2,595,607,792 |
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Liability for Gratuity and WPPF & Welfare Funds |
| 2,144,053,434 | 1,860,904,996 |
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Deferred Tax Liability |
| 2,167,683,499 | 2,147,423,581 |
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Current Liabilities and Provisions |
| 11,357,965,004 | 12,745,832,154 |
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Short Term Borrowings |
| 7,398,361,360 | 9,272,501,280 |
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Long Term Borrowings-Current Maturity |
| 1,454,311,995 | 1,616,670,549 |
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Creditors and Other Payables |
| 1,462,806,200 | 1,091,809,722 |
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Accrued Expenses |
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| 739,512,826 | 590,317,150 |
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Dividend Payable |
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| 17,086,213 | 7,235,215 |
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Income Tax Payable |
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| 285,886,410 |
| 167,298,238 |
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TOTAL EQUITY AND LIABILITIES |
| 50,118,741,940 |
| 49,214,092,360 |
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Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year ended June 30, 2020
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| Amount in Taka | |
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| July 2019 - June 2020 |
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| July 2018 - June 2019 | |
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Net Revenue |
| 25,611,947,655 |
| 22,816,629,795 | |||
Cost of Goods Sold |
| (13,712,847,509) |
| (12,196,286,770) | |||
Gross Profit |
| 11,899,100,146 |
| 10,620,343,025 | |||
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Operating Expenses |
| (6,289,606,032) |
| (5,554,169,458) | |||
Administrative Expenses |
| (792,951,709) |
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| (752,944,182) | ||
Selling, Marketing and Distribution Expenses |
| (5,496,654,323) |
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| (4,801,225,276) | ||
Profit from Operations |
| 5,609,494,114 | 5,066,173,567 | ||||
Other Income |
| 293,558,304 | 139,917,665 | ||||
Finance Cost |
| (1,013,804,085) | (1,029,762,542) | ||||
Share of Loss of Associates |
| - |
| (29,325,720) | |||
Profit Before Contribution to WPPF & Welfare Funds | 4,889,248,333 |
| 4,147,002,970 | ||||
Contribution to WPPF & Welfare Funds |
| (235,808,378) |
| (200,937,234) | |||
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Profit Before Tax |
| 4,653,439,955 | 3,946,065,736 | ||||
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Income Tax Expenses |
| (1,108,956,854) | (905,662,782) | ||||
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Current Tax |
| (1,086,668,418) |
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| (803,760,846) | ||
Deferred Tax |
| (22,288,436) |
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| (101,901,936) | ||
Profit After Tax |
| 3,544,483,101 | 3,040,402,954 | ||||
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Profit/(Loss) Attributable to: |
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Owners of the Company |
| 3,514,687,301 |
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| 3,033,402,333 | ||
Non-controlling interest |
| 29,795,800 |
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| 7,000,621 | ||
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| 3,544,483,101 | 3,040,402,954 | ||||
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Other Comprehensive Income-Unrealized Gain/(Loss) |
| (1,577,828) | (1,852,559) | ||||
Total Comprehensive Income |
| 3,542,905,273 |
| 3,038,550,395 | |||
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Total Comprehensive Income Attributable to: |
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Owners of the Company |
| 3,513,109,473 |
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| 3,031,549,774 | ||
Non-controlling interest |
| 29,795,800 |
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| 7,000,621 | ||
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| 3,542,905,273 |
| 3,038,550,395 | |||
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Earnings Per Share (EPS) |
| 8.67 |
| 7.48 | |||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity
For the Year Ended June 30, 2020
As at June 30, 2020 | Amount in Taka | |||||||||
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Share Capital |
Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger |
Revaluation Surplus |
Unrealized Gain/(Loss) |
Retained Earnings | Equity attributable to Owners of the Company | Non- Controlling Interests |
Total Equity |
Balance as on July 01, 2019 | 4,055,564,450 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,131,853,004 | 2,504,203 | 17,144,333,029 | 29,588,317,284 | 276,006,553 | 29,864,323,837 |
Total Comprehensive Income: | ||||||||||
Profit/(Loss) for the Year | - | - | - | - | - | - | 3,514,687,301 | 3,514,687,301 | 29,795,800 | 3,544,483,101 |
Other Comprehensive Income/(Loss) | - | - | - | - | - | (1,577,828) | - | (1,577,828) | - | (1,577,828) |
Transactions with the Shareholders: | ||||||||||
Cash Dividend |
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| (608,334,668) | (608,334,668) | (3,473,347) | (611,808,015) |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (8,114,071) | - | 8,114,071 | - | - | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 2,028,518 | - | - | 2,028,518 | - | 2,028,518 |
Balance as on June 30, 2020 | 4,055,564,450 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,125,767,451 | 926,375 | 20,058,799,733 | 32,495,120,607 | 302,329,006 | 32,797,449,613 |
Net Asset Value (NAV) Per Share |
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| 80.12 |
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As at June 30, 2019 | Amount in Taka | |||||||||
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Share Capital |
Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger |
Revaluation Surplus |
Unrealized Gain/(Loss) |
Retained Earnings | Equity attributable to Owners of the Company | Non- Controlling Interests |
Total Equity |
Balance as on July 01, 2018 | 4,055,564,450 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,159,277,845 | 4,356,762 | 14,608,700,961 | 27,081,962,616 | 269,874,176 | 27,351,836,792 |
Total Comprehensive Income: | ||||||||||
Share Capital Beximco Pharma API Ltd. | - | - | - | - | - | - | - | - | 100 | 100 |
Profit/(Loss) for the Year | - | - | - | - | - | - | 3,033,402,333 | 3,033,402,333 | 7,000,621 | 3,040,402,954 |
Other Comprehensive Income/(Loss) | - | - | - | - | - | (1,852,559) | - | (1,852,559) | - | (1,852,559) |
Transactions with the Shareholders: | ||||||||||
Cash Dividend |
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| (506,945,556) | (506,945,556) | (868,344) | (507,813,900) |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (9,175,291) | - | 9,175,291 | - | - | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (18,249,550) | - | - | (18,249,550) | - | (18,249,550) |
Balance as on June 30, 2019 | 4,055,564,450 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,131,853,004 | 2,504,203 | 17,144,333,029 | 29,588,317,284 | 276,006,553 | 29,864,323,837 |
Net Asset Value (NAV) Per Share |
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| 72.96 |
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Beximco Pharmaceuticals Limited and its Subsidiaries Consolidated Statement of Cash Flows
For the Year ended June 30, 2020
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| Amount in Taka |
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| July 2019-June 2020 |
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| July 2018-June 2019 |
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Cash Flows from Operating Activities : |
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Receipts from Customers and Others |
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| 25,934,454,695 |
| 22,463,550,299 |
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Payments to Suppliers and Employees |
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| (18,467,458,543) |
| (17,434,690,241) |
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Cash Generated from Operations |
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| 7,466,996,152 | 5,028,860,058 |
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Interest Paid |
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| (1,012,519,091) | (1,032,409,014) |
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Interest Received |
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| 20,409,291 | 36,457,527 |
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Income Tax Paid |
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| (932,399,131) | (1,072,991,667) |
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Net Cash Generated from Operating Activities |
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| 5,542,487,221 | 2,959,916,904 |
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Cash Flows from Investing Activities: |
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Acquisition of Property, Plant and Equipment |
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| (2,243,555,782) |
| (4,416,446,385) |
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Intangible Assets |
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| (31,745,002) |
| (128,619,282) |
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Disposal of Property, Plant and Equipment |
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| 3,646,251 |
| 17,540,625 |
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Dividend Received |
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| 1,427,930 |
| 1,491,901 |
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Decrease in Short Term Investment |
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| 323,364,536 |
| 16,032,638 |
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Net Cash Used in Investing Activities |
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| (1,946,862,067) | (4,510,000,503) |
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Cash Flows from Financing Activities : |
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Net Increase /(Decrease) in Long Term Borrowings |
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| (1,000,373,112) |
| (1,412,334,115) |
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Net Increase in Short Term Borrowings |
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| (1,970,741,462) |
| 3,684,312,230 |
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Share capital |
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| - |
| 100 |
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Dividend Paid |
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| (601,957,017) |
| (505,351,881) |
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Net Cash (Used in)/ from Financing Activities |
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| (3,573,071,591) | 1,766,626,334 |
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Increase in Cash and Cash Equivalents |
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| 22,553,563 | 216,542,735 |
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Cash and Cash Equivalents at Beginning of Year |
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| 610,494,299 | 393,735,946 |
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Effect of exchange rates changes on cash and cash equivalents |
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| 1,968,657 | 215,618 |
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Cash and Cash Equivalents at End of Year |
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| 635,016,519 |
| 610,494,299 |
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Net Operating Cash Flow Per Share |
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| 13.67 | 7.30 |
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